EPFO Alert: There is good news for lakhs of employed people in the country. The Employees’ Provident Fund Organization (EPFO) is contemplating at increasing the existing salary limit for pension benefits. EPFO is mulling over the increase of the wage limit of Rs 15000 to Rs 21,000 per month. 

75 lakh employees will benefit

According to the source, most of the members of EPFO ​​are in favour of this decision because the last revision in the salary limit was done in 2014. With this increase in the salary limit, more people will be brought under the ambit. More than 75 lakh employees can get its direct benefit.

The government’s approval awaited

It is necessary to get the approval of the government on this decision of the EPFO ​​board because only after getting the green signal from the government the board can proceed with it. This decision will put a burden on the government. The government spends around Rs 6,750 crore every year on the Employees’ Pension Scheme EPFO. After the increase in the salary limit, the government will have to make a separate provision for it.

The last amendment was done in 2014

The EPF scheme is necessary for the employed people with a salary of less than Rs 15,000. In this, the government gives 1.6 per cent of your basic salary as a contribution to your PF account. By increasing the salary limit from Rs 15,000 to Rs 21 thousand, 75 lakh employees can get the benefit. Last time the salary limit was increased to Rs 15,000 in 2014.

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作者 Ambition